A new funding resource for developers in Southern Nevada is now available thanks to a $28 million federal New Markets Tax Credits (NMTC) allocation recently awarded to the Las Vegas Community Investment Corporation, a nonprofit controlled by the city of Las Vegas.

NMTC benefits to qualified developers are numerous. They assist with approximately 20 percent of a project’s expense and enable a developer to receive low-cost, flexible financing.

To qualify, a project must be located in and benefit a low-income community. The developer must have direct ownership or investment in the project and have sufficient financing for the NMTCs to augment.

The City is seeking owner-occupied real estate projects or other real estate developments with an emphasis on education, health care and retail. A typical project cost would total between $5 million - $15 million.

Interested developers or project sponsors should email nmtc@lasvegasnevda.gov to schedule an appointment with a city representative. City staff will review eligibility criteria, which includes a job creation component and a requirement that the project be located in a qualified low-income community census tract.

Las Vegas applied to create a city-controlled nonprofit called the Las Vegas Community Investment Corporation, which will serve as a Community Development Entity awarding approved loans. The Treasury Department’s application process is rigorous and competitive, with only 28 percent of those applying receiving tax credit allocations.

The Las Vegas Community Investment Corporation will sell these tax credits to investors, using that money to make loans for job-generating projects in qualified low-income communities.